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Indemnity Provisions - Dollar Exposure of the Indemnity regarding...

Indemnity Provisions - Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings

Name: Indemnity Provisions - Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.84 (337 reviews)

Category:

Contracts - Clauses - Indemnification

State:

Multi-State

Control #:

US-ND1010

Format:

Instant download

Description

This form provides boilerplate contract clauses that restrict or limit the dollar exposure of any indemnity under the contract agreement. Several different language options are included to suit individual needs and circumstances.

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FAQ

Building Blocks of an Indemnification Clause. Typical indemnification provisions will be long sentences with many clauses, legal-sounding words, and long lists of specific details. Insurance Implications and Other Contractual Matters. Other Technical Elements of an Indemnification Provision. Takeaway.

Indemnity is compensation paid by one party to another to cover damages, injury or losses.An example of an indemnity would be an insurance contract, where the insurer agrees to compensate for any damages that the entity protected by the insurer experiences.

Company/Business/Individual Name shall fully indemnify, hold harmless and defend _______ and its directors, officers, employees, agents, stockholders and Affiliates from and against all claims, demands, actions, suits, damages, liabilities, losses, settlements, judgments, costs and expenses (including but not

A letter of indemnity must mention the details of both the parties involved in the transaction. These details are, generally, full legal name and complete official or residential address with pin code.

Indemnification basket refers to the amount that damages or losses must exceed before a seller is liable for any indemnification payments. An indemnity basket requires the buyer to incur a certain amount of loss before it can seek indemnification from the seller.

Drafting of the indemnity clause An indemnifier must limit the amount of indemnities that is given while entering into a contract. An express obligation must be imposed so as to minimize the loss, and the duration of time in which the claim can be brought must be limited.

A typical example is an insurance company wherein the insurer or indemnitor agrees to compensate the insured or indemnitee for any damages or losses he/she may incur during a period of time.

You should look to limit indemnification clauses by narrowing their scope, putting in caps on damages, and clearly defining the indemnifiable acts (i.e. the representations and warranties in the example above). Also consider purchasing insurance as a means to limit your financial risk.

What is a Cap on an Indemnity Clause and Why Should I Care?This is essentially an I'll protect your back clause, making the party giving the indemnity responsible to pay back the other party for things they might do wrong, bringing harm to the first party.

Indemnity Provisions - Dollar Exposure of the Indemnity regarding Baskets, Caps, and Ceilings

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